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Friday, 19 August 2011

Pensioners Struggle to Survive & Face Bankruptcy!

A report released today explains that pensioners are £280 worse off over the fully year compared to last year. Rising cost of living, low interest rates and Government cuts mean pensioners are facing a tough time financially. Experts warn the situation is likely to get worse.

The average pensioner has savings of just under £20,000 however as interest rates remain low their assets are not producing what they would have expected to help them in their twilight years.

As the cost of living increases and Government subsidies become tighter, the elderly are having to rely more on their savings. This has a detrimental impact on the quality of their living.

The number of pensioners going bankrupt has increase three fold over the past 10 years - this means they can expect a life living on state benefits and could potentially lose their property.

The severity of the problem continues to grow, lets hope the Government step in soon to support those most in need of financial support.

A spokesman for UK Debt Helper said;

Pensioners deserve our support and care and reducing the benefits they receive in heating allowance shows a grave problem with our country. Austerity measures are required to resolve the countries growing debt problem but surely it hasn't come to this, and if it has, why?